New research from Direct Line for Business (DL4B), reveals nearly two thirds of mums with children under the age of ten are considering starting a business from home in the next three years. The Best You reports.
One sixth (16 per cent) of mothers are exploring the route of the mumpreneur because of the prohibitive childcare costs associated with working a traditional nine-to-five job. With recent figures putting full-time annual childcare costs at £11,700 for two children, it is understandable that almost half of the mothers (49 per cent) surveyed believed that they would be better off financially if they started a business from home.
One in seven mums (14 per cent) are motivated to start a business from home by the flexibility of being their own boss, while one in eight (12 per cent) have always had the ambition to start their own business. Only one per cent is motivated by the fact that they do not like their current job.
Jazz Gakhal, Head of Direct Line for Business, commented: “The costs of sending a child to day care, or hiring a nanny continue to spiral. It’s great to see that mums are tackling this problem with such an entrepreneurial spirit, as they understand considerable childcare cost savings can be made by running a business from home.
“While launching a business from home has many benefits, it also brings its own set of challenges. These ventures often require substantial financial investment, alongside the time and effort required to build a business from scratch. The effects of theft, damage to stock or to customer property can therefore be devastating on both a personal and business level; we urge business owners to consider organising business insurance as a priority to protect their investments.”
DL4B recognises that there are substantial childcare savings to be made from operating a business from home, but budding mumpreneurs need to ensure that they are fully prepared for their venture, from understanding the risks of launching a business through to insurance requirements. Mumpreneurs need to be aware that basic home insurance does not cover stock, customer property or liability arising out of an injury to a client in connection with the business that they are undertaking from home so to protect themselves, business insurance cover should be arranged.